The big bull has been navigating in highs and lows in the last seven days, leaving traders perplexed about when and if Bitcoin will hit a steady trading price mark in the month of November.
Although analysts and traders have stayed hopeful, holding strongly to the belief that the bull is not likely to fall below the $6,000 mark, the bearish market is lingering closer as Bitcoin’s closing price on Friday struggled to maintain balance and break out the $6,400 resistance level and still managing to hold up it’s weary position.
At the moment of writing, Bitcoin’s trading price is unsteadily seated at $6,431.12, a slight reduction from its bullish mark on the 7th of November when the token hit $6,569.2, an impressive breakout that moved the token from its few months old $6,400 peak. The movement continued to take a wavy pattern as the price fell almost as quickly as it rose to $6,521.88 and conclusively leveled at a 1.53% trading price, landing the bull at a total of $6529.52.
Bitcoin’s trading volume has also experienced casualty alongside its price value. Three days ago (Nov 7th), the token was valued at a trading volume of $4.97 billion, in a turn around of events over the past days, Bitcoin’s trading volume is sitting wearily at a total of $3.84 Billion according to data from coinmarketcap.
Despite the uneven steps that the big bull is taking, traders are still firmly anticipating an increase in Bitcoin’s trading price to enable the token close up at a higher trading volume in preparation for the new year.
Much more than hoping that Bitcoin doesn’t close at a $6,000 mark, the unpredictable state of Bitcoin’s price movement will no doubt leave traders concerned that Bitcoin may round up at its 2017 closing price of $5,000.